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Posting to profit and loss account

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Gokul

Consultant

24 Points Posted on 29 March 2014

Hi,

I am new to accounting and trying to understand how actually we post to P & L Account.Here are my questions?

How we post Loss to P&L Account?

How we post Profit to P&L Account?

What type of account is P&L Account(Debit or Credit)?

Please explain me P&L Account like Machine account,depreciation...etc.

Replies (1)

CA Saroj Kumar

Keen to learn something new every moment

2160 Points Posted on 30 March 2014

Dear i think u need to understand first how t journalised and hpw t orecorded in Ledegr and then come to profit and loss account...for this purpose ...purchase a basic book of account or simply download online ...account simple text book which let u...know how it works..